Geolocation and compliance technology company Xpoint, which specializes in the US sports betting and iGaming markets, has signed an investment partnership with Bettor Capital, the business announced on Tuesday.
Bettor Capital, an early-stage venture firm focused on real-money online gaming opportunities, is investing in Xpoint ahead of launch. The geolocation platform is set to go live with its first partner “in early 2022,” according to a press statement.
Through this agreement, the venture firm is set to support the company’s goal “to bring innovative, partner-focused” solutions to the established geo-compliance marketplace. The funding will play a key role in the accelerated expansion of Xpoint throughout the US market.
“I am thrilled that Bettor Capital has seized the opportunity to invest in us at such an exciting time in our development,” commented Marvin Sanderson, CEO and co-Founder of Xpoint. “2022 is going to be an incredible year for Xpoint as we look ahead to the full launch of our geolocation platform, and a raft of partner announcements, starting early in Q1.”
The newly-announced deal builds upon the late-2021 announcement of Xpoint’s first major US sports betting partnership, with sports betting exchange Sporttrade. The partnership will see Xpoint’s geolocation technology embedded within all Sporttrade digital platforms, ensuring all transactions made by Sporttrade customers adhere strictly to state and federal regulations.
As part of that agreement, Xpoint is also set to work with Sporttrade to utilize customer data generated by the Xpoint platform “to drive improved customer engagement” and enhance user experiences for the betting exchange customers, according to a press statement.
“Xpoint offers a mission-critical, highly valuable solution that will benefit from the ongoing, strong, end market tailwinds in the online gaming space today,” said Dave VanEgmond, founder and partner at Bettor Capital. “We couldn’t be more excited about working with Marvin and the Xpoint team to help drive continued growth, scale, and momentum across the North American online gaming end market.”
Founded in 2019, Xpoint describes itself as a company bringing innovative, partner-focused solutions to the established geo-compliance marketplace. It seeks to facilitate safe and compliant betting and gaming, as well as provide enhanced marketing benefits that can be used across multiple business functions.
Led by CEO and Co-Founder Marvin Sanderson, the business has offices in Miami, Florida. It aims at bringing innovation to an industry that has, to date, “viewed geo-compliance as a utility” instead of a new business opportunity.
The company made its US debut at G2E last year, formally launching in the country at the industry summit in Vegas, which ran Oct. 4-7. It partnered with sports betting, iGaming, casino and sports market consultancy SCCG Management for the occasion.
“Xpoint will change the sports betting and iGaming compliance landscape in the U.S.,” said CEO Marvin Sanderson prior to G2E. “Our platform provides our partners with the safe, compliant framework within which they have to operate in the USA, and, uniquely in the global geolocation market, with the ability to develop a range of marketing benefits that can be deployed across multiple business functions.”
